Crypto’s ‘Hackers’ Day’: AFX Trade Hit for $24M, Losses Reach $35.55M

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Crypto’s ‘Hackers’ Day’: AFX Trade Hit for $24M, Losses Reach $35.55M

As a researcher following developments in the decentralized finance space, I’ve been tracking a significant security incident at AFX Trade. It appears the decentralized perpetual exchange, built on the Arbitrum network, was exploited, resulting in a loss of roughly $24 million in USDC. Blockchain security firm PeckShield first flagged the alert, bringing this to our attention.

This attack is one of several that happened on July 23, 2026. According to Lookonchain, a blockchain analytics firm, three different exploits occurred that day, resulting in combined losses of $35.55 million.

AI Summary

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Decentralized exchange AFX Trade was exploited due to a vulnerable third-party bridge setup on Arbitrum, resulting in $24 million in losses.
The root cause of the exploit lies in the cross-chain bridge infrastructure, which remains a frequently targeted attack surface in DeFi, as seen in two of the three exploits on July 23.
Arbitrum’s native bridge was not compromised, with the issue contained to AFX Trade’s third-party bridge, mitigating systemic risk concerns for the broader Layer 2 ecosystem.

PeckShield Flags AFX Trade Exploit

A post at 6:02 AM on July 23, 2026, revealed that the hacker had transferred the stolen money from Arbitrum to Ethereum.

Security researchers at PeckShield have detected a hack affecting AFX_XYZ on the Arbitrum network, resulting in a loss of approximately $24 million in USDC. The hacker transferred the stolen funds to Ethereum and exchanged them for roughly 12,467.5 ETH, which is currently held at address 0x6276…ebAC.

— PeckShieldAlert (@PeckShieldAlert) July 23, 2026

An alert indicates a security breach where approximately $24 million in USDC was stolen from @AFX_XYZ on the Arbitrum network. The hacker moved the stolen funds to the Ethereum network and exchanged them for about 12,467.5 ETH, which is currently held at the address 0x6276…ebAC.

The exploiter’s wallet is currently under active on-chain surveillance. 

Arbitrum Native Bridge Not Compromised

I recently addressed some worries circulating about whether the recent incident impacted Arbitrum’s fundamental systems. As co-founder of Offchain Labs and someone deeply involved with building the Arbitrum ecosystem, I shared a public statement on X to clarify the situation.

According to Goldfeder, they are looking into reports of a hack affecting a bridge on Arbitrum. They’ve confirmed the suspicious transaction came from another service, not a direct attack on the official Arbitrum bridge itself.

Goldfeder’s confirmation is good news for the Layer 2 network as a whole. If Arbitrum’s main bridge had been compromised, it could have created problems for all projects built on it. Luckily, the issue appears to be limited to a separate bridge used specifically by AFX Trade.

Lookonchain Calls It “Hackers’ Day” With $35.55M in Losses

As a researcher tracking blockchain security, I noticed something concerning on July 23, 2026. Lookonchain, a firm specializing in on-chain analytics, reported three separate hacks occurring within just one day. It really highlighted how active attackers were at that time.

A recent post highlighted a surge in hacking activity today, reporting three successful exploits resulting in a combined loss of $35.55 million.

The breakdown of losses shared is as follows:

  • AFX Trade exploited for $24.15 million
  • Verus Ethereum bridge exploited for $7.55 million
  • B² Network exploited for $3.86 million

Bridges Remain the Weakest Link in DeFi

Two out of three recent hacks reported on July 23rd affected systems that connect different blockchains – specifically, bridges. AFX Trade lost funds through a bridge operating on Arbitrum, and Verus was hacked via its Ethereum bridge. This highlights a continuing trend in the decentralized finance (DeFi) space: these connection points are consistently the most common targets for attackers.

B² Network, another platform impacted by recent issues, is a technology that speeds up Bitcoin transactions using advanced cryptography. Details about exactly how it was exploited haven’t been released yet.

What Happens Next

AFX Trade, Verus, and B² Network haven’t fully explained what happened in their recent security incidents yet. Meanwhile, the Arbitrum team, speaking through Goldfeder, says they are still investigating the hack that affected AFX.

Companies specializing in blockchain security are still monitoring the digital wallets involved in all three recent attacks. They are particularly focused on one wallet – 0x6276…ebAC – which holds the stolen cryptocurrency from the AFX Trade hack, and are watching for any new activity.

2026-07-23 09:58